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The company said it is in the 'best interests of Debenhams plc that the executive team remains fully focused on delivery of the plan'.

It said that the company is 'open to constructive suggestions from shareholders that are in the interests of the business' and it is 'committed to delivering the appropriate capital structure to ensure a sustainable and profitable future for all stakeholders'.

Terry Duddy, Debenhams' senior independent director, who has been appointed interim chairman, said that he recognises that 'individual shareholders have wished to register their dissatisfaction' and that his 'first task is to meet with shareholders so that I understand any concerns that they may have'.

Debenhams revealed Christmas sales figures today. It put the decline over the last six weeks down to fewer visitors to its stores, compared to the same time last year.

Debenhams insisted that it was seeing improvements online, however, which helped stem some of the decay over the period.

For the last four months of 2018, the sales fall was steeper - down 6.2 per cent overall despite a 4.6 per cent surge online.

Bucher, who joined from Amazon two years ago, said it was the 'best possible outcome' in an uncertain time.

He added: 'We responded to a significant increase in promotional activity in the market, particularly in key seasonal categories, in order to remain competitive for our customers.'

Debenhams' share price closed down 15 per cent at 4.82p today. It has withered over the past year as it issued a string of profit warnings and reported the biggest loss in the firm's history.

With around 50 shops already earmarked for closure, Bucher reiterated today that he is working to 'reshape' the store portfolio, as well as strengthen the firm's balance sheet.

Debenhams defied gloomy City predictions and remains on track to meet its profit expectations for the full year, presumably thanks to heavy cost cuts.

But today's revolt will not put to bed speculation that Ashley is preparing to launch a takeover of the department store chain.

Ashley's Sports Direct already owns Debenhams' main rival House of Fraser and is said to be keen to complete the set.

Debenhams rebuffed the offer of a loan from Ashley last month, but said today that it is in talks with its lenders, and was looking to bring in 'new sources of funding'.

Markets.com analyst Neil Wilson said: 'For now it does seem management is eschewing the help being offered by Ashley. It remains to be seen what happens, but there is still a very strong case for the HoF-Deb tie up under Ashley.'

Debenhams warned that the UK trading environment is still 'volatile', with savvy consumers actively seeking out discounts. This will result in some erosion of the retailer's profit margin in the first half, after it slashed prices to keep up with competitors.